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The FHA Secure Short Refinance Helps 200,000 Families |
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Written by Paul Dunn
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Thursday, 22 May 2008 05:29 |
Since September 2007 the FHA Secure mortgage loan, also known as the Short Refinance, has now helped just over 200,000 homeowners refinance their mortgages and avoid foreclosure. At this current pace the FHASecure mortgage loan is on pace to help more than half a million homeowners who are "in the right home but the wrong mortgage loan" to refinance their mortgage loan and avoid an emotionally draining foreclosure experience. Most of these homeowners have been trapped in exotic mortgages that have increased not only their mortgage payments but their overall loan balances.
According to HUD, FHA Secure mortgage loan fundings during March, April and May 2008 were twice what they were in the previous six months. More and more homeowners are continuing to learn about the benefits of FHA mortgage loan financing and the security of FHA's traditional 30-year fixed, low rate financing. During this three month time, FHASecure funded 100,000 mortgage loans.
FHASecure Mortgage Loans are designed to help homeowners who are:
- Struggling to meet their monthly obligations since their mortgage loan adjusted
- Had good credit before their adjustable rate mortgage adjusted
- Were current on their mortgage for 6 months prior to the mortgage adjusting
- Have the income and resources to make the monthly mortgage loan payments under a new low rate FHA refinance mortgage.
In some cases FHASecure mortgage loans may qualify for a short refinance.
For more information on refinancing out of an adjustable rate mortgage into an FHA Secure mortgage loan, please contact us through this website or call our office directly at (520) 225-0380. We are happy to answer any questions you might have.
Click here for a FREE pre-approval for an FHASecure Short Sale Refinance. |
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Last Updated ( Monday, 16 June 2008 13:05 )
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